It has been estimated by social scientists that the average adult makes approximately 35,000 decisions a day. Individuals in leadership positions make even more than the daily average, and many of those decisions are extremely stressful and impactful on numerous individuals beyond the one making said decision. Talk about a situation to lead to decision fatigue and burn out! But what does that have to do with enterprise risk management? Managing risk is not a process, a tool, a department, or even a complied list of risks – it is how an individual, a team, or an organization makes better business decisions. Risks are part of every decision, from the simplest choice to the highest-level strategic options. This course is comprised of group activities and real-world scenarios, leveraging theory and frameworks. The COSO Enterprise Risk Management (ERM) Framework was updated in 2017 with increased emphasis on recognition that risk management is fundamental for an organization to align its actions with its strategy. Similarly, ISO 31000:2019 addresses risk management and provides a streamlined standard for managing risk. Using these frameworks, this course will explore the foundations of risk and risk management across the entire organization. *Updated in 2022 with modern applications and robust activities!
DESIGNED FOR
This course is intended for internal auditors with at least 3 years of experience who want to understand the concepts and applications around managing enterprise-level risks, as well as anyone managing risk.
BENEFITS
This course explores the concepts of risk, risk management, and enterprise risk management, with a lens on how better decisions are made through excellence in managing risk. Participants will walk away with critical skills to support their organization’s risk assessment and response activities; after all every organization is ultimately in the “risk management” business as managing risk is critical to nearly every decision an organization makes.
HIGHLIGHTS
Date(s) and Time: Oct 30, Nov 1, 6, 8 from 12:00 PM - 3:30 PM ET
- Define the nature of risk and how it presents itself in decision making.
- Identify the relationship between enterprise risk management, strategy and objective setting, and decision making.
- Understand and apply approaches to identify, assess, prioritize, and respond to risks at the enterprise level.
- Explore the options for communicating risk information and reports on risk and performance.
- Understand the importance of board/executive oversight, operating structures, and allocation of activities for enterprise risk management.
- Identify how culture, performance management, and organizational structure impact risk management and achievement of organizational objectives.
- Identify methods for assessing changes, reviewing risk vs. performance, and improving enterprise risk management.
PREREQUISITES
Participants should have at least 3 years of experience in internal audit and be involved in the ERM process.
ADVANCE PREPARATION
None